Accelerate Resources Ltd (ASX:AX8) is mobilising a diamond drill rig to test the Young Henry nickel-cobalt target at its Mount Read Cobalt Project in Tasmania.
The company has received environmental approval from Mineral Resources Tasmania for the drilling program.
A diamond rig is this week being mobilised from the Thomas Creek copper-cobalt-nickel prospect to the Young Henry site with drilling expected to begin shortly.
READ: Accelerate Resources discovers nickel-cobalt target at Young Henry prospect
Young Henry is 18 kilometres north of Thomas Creek and is immediately to the west of the 1.4-kilometre long Henrietta VTEM anomaly.
Accelerate last week announced that it had discovered a new nickel-cobalt target at Young Henry.
A fixed loop electromagnetic (FLEM) survey, as well as soil sampling and geological mapping, confirmed a ground electromagnetic conductor associated with nickel and cobalt soil anomalism.
READ: Accelerate Resources discovers multiple semi-massive sulphides
The Mount Read project encompasses a belt of Cambrian volcano-sedimentary rocks correlated with the Mount Read Volcanics (MRV).
The MRV hosts all western Tasmania’s significant base and precious metal mines and mineral occurrences, several of which have been significant producers of base metals for over 100 years.
The project contains two main prospects, Thomas Creek and Henrietta.
Sample and survey results from the prospects highlight the likely presence of a mineral system that could potentially host economic mineralisation.